Bill > HB4772

This bill amends the Illinois Estate and Generation-Skipping Transfer Tax Act to align the state's estate tax exclusion amount with the federal estate tax exclusion amount for individuals who die on or after January 1, 2027. The "applicable exclusion amount" under Section 2010 of the Internal Revenue Code, which is the federal estate tax exemption, will now determine the exclusion for Illinois estate tax purposes. This change means that the amount of an estate that is exempt from Illinois estate tax will be the same as the amount exempt from federal estate tax, including any unused exclusion amount that can be transferred from a deceased spouse. The bill is effective immediately upon becoming law.

https://www.ilga.gov/Legislation/BillStatus?DocNum=4772&GAID=18&DocTypeID=HB&SessionID=114&GA=104